Hundreds protest Bank of America

Thursday

May 10, 2012 at 6:00 AMMay 10, 2012 at 8:32 AM

THE ASSOCIATED PRESS

Four people were arrested Wednesday, including a Framingham man, as they tried to force their way into the annual Bank of America shareholders’ meeting in Charlotte. Police used a new ordinance to declare the gathering an extraordinary event subject to special restrictions.

Hundreds of people gathered on the streets as dozens of police officers worked to contain the protest.

Inside the auditorium at the company’s headquarters, the protests continued. Shareholder after shareholder took the microphone to berate the bank for its handling of foreclosures, its investments in payday lenders, and investments in the coal industry.

On stage, CEO Brian Moynihan’s attempts at sidestepping hard questions or deflecting answers were met with loud jeers. Attendees shouted “amen” after anti-Bank of America statements were made by other shareholders.

At least 20 shareholders spoke at the meeting. Almost all disapproved of various Bank of America practices.

Sister Barbara Bush, who works with troubled homeowners in Cincinnati, told Moynihan that about 41 percent of the people she works with are Bank of American borrowers, but finds that the bank is the hardest and most frustrating to deal with.

Rev. Mike McCarthy of Iowa said Bank of America supports one of the nation’s largest payday lenders, Advance America, by providing millions of dollars in credit to the company.

Police Maj. Jeff Estes said the four people who were arrested were charged with crossing a police line, a misdemeanor. He also said the protest was peaceful.

Before he was taken into custody, Johnny Rosa of Framingham, Mass., said his home had been foreclosed and he wanted to tell shareholders the foreclosure was wrong because he wanted to make payments.

He said his monthly mortgage was $1,290. But after his wife was injured and lost her job in 2010, it was tough to keep up with payments. Then when he was injured a year later, Rosa said they lost more income.

“I called them and told them I could make payments. I could pay them some money. I asked them for more time. But they didn’t listen,” he said.

Rosa applied for several government programs designed to help homeowners avoid foreclosure. But he said the bank didn’t work with him. This March, Rosa says his home was foreclosed.

“All I want to do is tell them how this has hurt my family,” Rosa said.